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The Northern Ethnic Youth Group Assembly (NEYGA) has expressed concerns over the proposed amendments to the Central Bank of Nigeria (CBN) Act of 2007, which they described as a direct threat to the bank\u2019s independence.<\/p>\n

The amendments, which would require the CBN to submit its budget for National Assembly approval, have raised alarms within the group.<\/p>\n

In a statement issued by its spokesperson, Mallam Ibrahim Dan-Musa, NEYGA warned that the changes could destabilize the CBN and undermine its ability to effectively manage the nation\u2019s monetary policy.<\/p>\n

The group fears that political interference could hinder the CBN\u2019s efforts to stabilize the naira, which has shown signs of recovery in recent months.<\/p>\n

\u201cThe autonomy of the Central Bank is crucial to maintaining economic stability,\u201d said Dan-Musa.<\/p>\n

\u201cWithout it, the CBN will become ineffective in managing the country\u2019s monetary policies, and political interests will take precedence over economic well-being.\u201d<\/p>\n

A key point of contention is the proposal to create a Coordinating Committee for Monetary and Fiscal Policies, which the group believes would erode the CBN\u2019s authority and allow undue political influence.<\/p>\n

They also rejected the idea of appointing an external figure to lead the bank\u2019s monetary policy committee, arguing that this could further compromise the bank\u2019s independence.<\/p>\n

The Arewa group urged Nigerians to oppose the amendments, advocating for a governance model similar to those in Ghana and South Africa, where central bank autonomy is constitutionally protected.<\/p>\n

They stressed that preserving the CBN\u2019s independence is vital for shielding Nigeria\u2019s economy from the damaging effects of political interference, which, they caution, has already weakened the country\u2019s security agencies.<\/p>\n

The group called on the National Assembly to reconsider the proposed amendments to avoid jeopardizing the financial sector.<\/p>\n

CBN will be limited without autonomy \u2014 Northern Youths<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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